What Real Estate Giants Are Saying About Technology | Q2 2024 Edition

Thesis Driven dives deep into emerging themes and real estate operating models. Today’s letter is a quarterly overview of what publicly-traded real estate companies are saying about technology and innovation in their businesses.

Each quarter, some of the largest real estate firms in the world tell us about their businesses. And we at Thesis Driven listen, with a specific focus on how those firms are thinking about technology, data, innovation, and the future. With Q2 2024 earnings season in the rearview mirror, it’s a great time to analyze what the biggest real estate companies are saying about tech. (You can read Q1’s roundup here.)

To do this, we sampled a representative set of the largest publicly-traded real estate businesses, including REITs and services businesses from the major food groups. Specifically, we covered:

• Essex Property Trust (NYSE: ESS)
• AvalonBay Communities (NYSE: AVB)
• Invitation Homes (NYSE: INVH)
• Mid-America Apartment Communities (NYSE: MAA)
• Equity Residential (NYSE: EQR)
• Lennar (NYSE: LEN)
• Simon Property Group (NYSE: SPG)
• SL Green Realty (NYSE: SLG)
• Prologis (NYSE: PLD)
• CBRE (NYSE: CBRE)
• Cushman & Wakefield (NYSE: CWK)
• JLL (NYSE: JLL)
• Boston Properties (NYSE: BXP)
• Blackstone (NYSE: BX)
• Brookfield (NYSE: BN)
• Welltower (NYSE: WELL)

For each, we’ll give a brief overview of how technology was mentioned (if it was) plus a review of key innovation-related themes from this quarter’s earning calls.